Astera Labs, Inc. Common Stock (ALAB) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-736297
Entity Registrant Name	Astera Labs, Inc.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	82-3437062
Entity Address, Address Line One	2901 Tasman Drive
Entity Address, Address Line Two	Suite 205
Entity Address City Or Town	Santa Clara
Entity Address State Or Province	CA
Entity Address Postal Zip Code	95054
City Area Code	(408)
Local Phone Number	337-9056
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	ALAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		156,656,716
Central Index Key	0001736297
amendment flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 421,076	$ 45,098
Marketable securities	409,919	104,215
Accounts receivable, net	22,233	8,335
Inventory	28,572	24,095
Prepaid expenses and other current assets	9,445	4,064
Total current assets	891,245	185,807
Property and equipment, net	21,821	4,712
Other assets	2,449	5,773
Total assets	915,515	196,292
Current liabilities
Accounts payable	14,595	6,337
Accrued expenses and other current liabilities	49,478	28,742
Total current liabilities	64,073	35,079
Other liabilities	6,190	3,787
Total liabilities	70,263	38,866
Commitments and contingencies (Note 5)
Redeemable convertible preferred stock, $0.0001 par value; 0 and 91,131 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 0 and 90,891 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; liquidation preference of $0 and $265,699 as of June 30, 2024 and December 31, 2023, respectively	0	255,127
Stockholders’ equity (deficit)
Common stock, $0.0001 par value; 1,000,000 and 162,641 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 156,656 and 42,046 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	16	4
Additional paid-in capital	1,071,504	27,411
Accumulated other comprehensive (loss) income	(352)	259
Accumulated deficit	(225,916)	(125,375)
Total Stockholders’ Equity (Deficit)	845,252	(97,701)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 915,515	$ 196,292

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares)	0	91,131,000
Redeemable convertible preferred stock, shares issued (in shares)	0	90,891,000
Redeemable convertible preferred stock, shares outstanding (in shares)	0	90,891,000
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 265,699
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	162,641,331
Common stock, shares issued (in shares)	156,656,000	42,046,000
Common stock, shares outstanding (in shares)	156,656,000	42,046,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 76,850	$ 10,688	$ 142,108	$ 28,352
Cost of revenue	16,996	2,249	31,734	15,655
Gross profit	59,854	8,439	110,374	12,697
Operating expenses
Research and development	40,089	17,860	93,647	33,127
Sales and marketing	22,076	5,097	77,586	9,490
General and administrative	22,036	3,095	46,455	6,620
Total operating expenses	84,201	26,052	217,688	49,237
Operating loss	(24,347)	(17,613)	(107,314)	(36,540)
Interest income	10,264	1,555	12,818	3,151
Loss before income taxes	(14,083)	(16,058)	(94,496)	(33,389)
Income tax (benefit) provision	(6,537)	3,946	6,045	4,069
Net loss	(7,546)	(20,004)	(100,541)	(37,458)
Other comprehensive loss
Unrealized losses on marketable securities, net of taxes	(293)	(212)	(611)	(4)
Total other comprehensive loss	(293)	(212)	(611)	(4)
Total comprehensive loss	$ (7,839)	$ (20,216)	$ (101,152)	$ (37,462)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.05)	$ (0.55)	$ (0.97)	$ (1.03)
Diluted (in dollars per share)	$ (0.05)	$ (0.55)	$ (0.97)	$ (1.03)
Weighted-average shares used in calculating net loss per share attributable to common stockholders:
Basic (in shares)	155,199	36,567	103,865	36,199
Diluted (in shares)	155,199	36,567	103,865	36,199

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable convertible Preferred Stock
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2022						90,891
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2022						$ 255,127
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2023						90,891
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2023						$ 255,127
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022		40,629
Beginning balance at Dec. 31, 2022	$ (85,292)	$ 4	$ 14,051	$ (229)	$ (99,118)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		107
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	870		870
Repurchase of common stock upon termination (in shares)		(174)
Repurchase of common stock upon termination	(174)		(174)
Stock-based compensation	4,669		4,669
Warrants contra revenue	127		127
Unrealized losses on marketable securities	(4)			(4)
Net loss	(37,458)				(37,458)
Ending balance, shares outstanding (in shares) at Jun. 30, 2023		40,562
Ending balance at Jun. 30, 2023	(117,262)	$ 4	19,543	(233)	(136,576)
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2023						90,891
Beginning balance, Redeemable Convertible Preferred Stock at Mar. 31, 2023						$ 255,127
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2023						90,891
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2023						$ 255,127
Beginning balance, shares outstanding (in shares) at Mar. 31, 2023		40,558
Beginning balance at Mar. 31, 2023	(99,933)	$ 4	16,656	(21)	(116,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		53
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	317		317
Repurchase of common stock upon termination (in shares)		(49)
Repurchase of common stock upon termination	(174)		(174)
Stock-based compensation	2,672		2,672
Warrants contra revenue	72		72
Unrealized losses on marketable securities	(212)			(212)
Net loss	(20,004)				(20,004)
Ending balance, shares outstanding (in shares) at Jun. 30, 2023		40,562
Ending balance at Jun. 30, 2023	$ (117,262)	$ 4	19,543	(233)	(136,576)
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2023	90,891					90,891
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2023	$ 255,127					$ 255,127
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)						(90,891)
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering						$ (255,127)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2024	0					0
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2024	$ 0					$ 0
Beginning balance, shares outstanding (in shares) at Dec. 31, 2023	42,046	42,046
Beginning balance at Dec. 31, 2023	$ (97,701)	$ 4	27,411	259	(125,375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)		90,891
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	255,127	$ 9	255,118
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)		19,759
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	$ 665,990	$ 2	665,988
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)	835	835
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	$ 1,823		1,823
Issuance of common stock upon vesting of restricted stock units (in shares)		3,700
Issuance of common stock upon vesting of restricted stock units	1	$ 1
Shares of common stock withheld related to net settlement of restricted stock units		(559)
Shares of common stock withheld related to net settlement of equity awards	(20,111)		(20,111)
Repurchase of common stock upon termination (in shares)		(16)
Repurchase of common stock upon termination	(3)		(3)
Stock-based compensation	140,835		140,835
Warrants contra revenue	443		443
Unrealized losses on marketable securities	(611)			(611)
Net loss	$ (100,541)				(100,541)
Ending balance, shares outstanding (in shares) at Jun. 30, 2024	156,656	156,656
Ending balance at Jun. 30, 2024	$ 845,252	$ 16	1,071,504	(352)	(225,916)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2024	0					0
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2024	$ 0					$ 0
Beginning balance, shares outstanding (in shares) at Mar. 31, 2024		155,471
Beginning balance at Mar. 31, 2024	808,784	$ 16	1,027,197	(59)	(218,370)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		821
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	907		907
Issuance of common stock upon vesting of restricted stock units (in shares)		364
Issuance of common stock upon vesting of restricted stock units	0
Stock-based compensation	43,067		43,067
Warrants contra revenue	333		333
Unrealized losses on marketable securities	(293)			(293)
Net loss	$ (7,546)				(7,546)
Ending balance, shares outstanding (in shares) at Jun. 30, 2024	156,656	156,656
Ending balance at Jun. 30, 2024	$ 845,252	$ 16	$ 1,071,504	$ (352)	$ (225,916)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (100,541)	$ (37,458)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Stock-based compensation	140,835	4,669
Inventory write-downs	1,493	9,733
Depreciation	1,331	763
Non-cash operating lease expense	1,106	536
Warrants contra revenue	443	127
Accretion of discounts on marketable securities	(1,637)	(640)
Changes in operating assets and liabilities:
Accounts receivable, net	(13,898)	9,081
Inventory	(5,970)	1,374
Prepaid expenses and other assets	(5,396)	223
Accounts payable	5,831	(7,745)
Accrued expenses and other liabilities	10,930	(6,844)
Operating lease liability	(1,062)	(600)
Net cash provided by (used in) operating activities	33,465	(26,781)
Cash flows from investing activities
Purchases of property and equipment	(2,100)	(1,014)
Purchases of marketable securities	(345,756)	(27,274)
Maturities of marketable securities	20,776	18,000
Sales of marketable securities	20,358	54,749
Net cash (used in) provided by investing activities	(306,722)	44,461
Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	672,198	0
Payment of deferred offering costs	(4,801)	0
Tax withholding related to net share settlements of restricted stock units	(20,111)	0
Proceeds (payments) from exercises of stock options, net of repurchases	1,949
Proceeds (payments) from exercises of stock options, net of repurchases		(87)
Net cash provided by (used in) financing activities	649,235	(87)
Net increase in cash and cash equivalents	375,978	17,593
Cash and cash equivalents
Beginning of the period	45,098	76,088
End of the period	421,076	93,681
Noncash investing and financing activities
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	255,127	0
Purchases of property and equipment in accounts payable and accrued expenses	16,666	510
Right-of-use assets obtained in exchange for lease obligations	$ 405	$ 1,342

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Summary of Significant Accounting Policies	Nature of Business and Summary of Significant Accounting Policies Description of Business Astera Labs, Inc. (the “Company”) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company’s software suite which is embedded in its connectivity products and integrated into its customers’ systems. The Company delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach addresses the data, network, and memory bottlenecks, scalability, and other infrastructure requirements of hyperscalers and system original equipment manufacturers (“OEMs”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s final prospectus dated March 19, 2024 (the “Prospectus”), as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”) on March 21, 2024. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive loss, of redeemable convertible preferred stock and stockholders’ equity (deficit), and of cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries in Canada, China, Israel, and Taiwan. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company’s significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, the valuation of deferred tax assets, reserves for uncertain tax positions, the valuation of inventory, warranty reserve, the fair value of marketable securities, the grant date fair value of common stock warrants, the valuation and assumptions underlying stock-based compensation including the per share fair value of the Company’s common stock, and the incremental borrowing rate used in the Company’s operating lease calculations. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information reasonably available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s condensed consolidated financial statements in future periods, and actual results could differ from these estimates. Initial Public Offering On March 22, 2024, the Company completed its initial public offering (the “IPO”) of 22,770,000 shares of its common stock, par value $0.0001 per share (the “Common Stock”), at a price to the public of $36.00 per share, which included 19,758,903 shares of Common Stock sold by the Company, inclusive of 2,970,000 shares sold by the Company pursuant to the full exercise of the underwriters’ over-allotment option, as well as 3,011,097 shares of Common Stock sold by certain of the Company’s existing stockholders. The Company received net proceeds of $672.2 million after deducting underwriting discounts and commissions of $39.1 million. Immediately prior to the closing of the IPO, the Company issued 90,890,650 shares of its Common Stock upon conversion on a one-for-one basis of all outstanding shares of its Series A Preferred Stock, par value $0.0001 per share, Series A-1 Preferred Stock, par value $0.0001 per share, Series B Preferred Stock, par value $0.0001 per share, Series B-1 Preferred Stock, par value $0.0001 per share, Series C Preferred Stock, par value $0.0001 per share, and Series D Preferred Stock, par value $0.0001 per share (collectively, the “Preferred Stock”), and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares that the Company is authorized to issue and may not be reissued by the Company. Deferred Offering Costs The Company capitalized certain legal, accounting, and other fees and costs that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated. Upon the consummation of the IPO, $6.2 million of such costs were recorded as a reduction of the proceeds generated from the offering, which was recognized in additional paid-in capital. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures.

Segment and Geographical Inform

Segment and Geographical Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment and Geographical Information	Segment and Geographical Information The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company manages its operations and allocates resources as a single operating segment. Revenue by location is determined by the billing address of the Company’s customers, which include distributors who purchase the Company’s products and resell them. The following table sets forth revenue by geographic area (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Taiwan $ 63,955 $ 569 $ 123,528 $ 10,303 United States 4,499 6,222 5,356 11,592 Netherlands - 2,412 - 4,919 Other 8,396 1,485 13,224 1,538 Total $ 76,850 $ 10,688 $ 142,108 $ 28,352 The Company had the following customers that individually comprised 10% or more of its revenue: Three Months Ended Six Months Ended 2024 2023 2024 2023 Customer A 41 % * 44 % * Customer B 24 % * 30 % 36 % Customer C 18 % * 13 % * Customer D * 49 % * 20 % Customer E * 23 % * 18 % Customer F * * * 16 % *Less than 10% of total revenue The Company had the following customers that individually comprised 10% or more of its accounts receivable, net: As of June 30, 2024 December 31, 2023 Customer A 27 % 39 % Customer B 24 % 27 % Customer C 33 % * Customer F 10 % * *Less than 10% of total accounts receivable, net The Company did not recognize any material allowance for credit losses as of June 30, 2024 and December 31, 2023.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands): As of June 30, 2024 Amortized Gross Gross Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S treasury and agency securities 147,641 - (14) 147,627 Corporate debt securities 13,053 - (4) 13,049 Commercial paper 104,499 - (58) 104,441 Total cash equivalents $ 406,542 $ - $ (76) $ 406,466 Marketable securities U.S treasury and agency securities $ 120,473 $ 54 $ (166) $ 120,361 Commercial paper 40,662 - (34) 40,628 Corporate debt securities 226,740 95 (206) 226,629 Foreign government bonds 498 - - 498 Asset-backed securities 21,822 6 (25) 21,803 Total marketable securities $ 410,195 $ 155 $ (431) $ 409,919 As of December 31, 2023 Amortized Gross Gross Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S treasury and agency securities 472 - - 472 Commercial paper 250 - - 250 Total cash equivalents $ 1,479 $ - $ - $ 1,479 Marketable securities U.S treasury and agency securities $ 59,856 $ 211 $ (64) $ 60,003 Commercial paper 8,513 - (5) 8,508 Corporate debt securities 23,552 96 (9) 23,639 Asset-backed securities 12,059 14 (8) 12,065 Total marketable securities $ 103,980 $ 321 $ (86) $ 104,215 As of June 30, 2024 and December 31, 2023, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material. The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands): As of June 30, 2024 As of December 31, 2023 Amortized Estimated Amortized Estimated Due within one year $ 554,614 $ 554,454 $ 65,816 $ 65,757 Due after one year through five years 262,123 261,931 39,643 39,937 Total available-for-sale securities $ 816,737 $ 816,385 $ 105,459 $ 105,694 Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company did not recognize any material allowance for credit losses or impairments as of June 30, 2024 and December 31, 2023. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023. Fair Value of Assets and Liabilities The Company considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S. treasury and agency securities - 147,627 - 147,627 Corporate debt securities - 13,049 - 13,049 Commercial paper - 104,441 - 104,441 Total cash equivalents $ 141,349 $ 265,117 $ - $ 406,466 Marketable securities U.S. treasury and agency securities $ - $ 120,361 $ - $ 120,361 Commercial paper - 40,628 - 40,628 Corporate debt securities - 226,629 - 226,629 Foreign government bonds - 498 - 498 Asset-backed securities - 21,803 - 21,803 Total marketable securities $ - $ 409,919 $ - $ 409,919 As of December 31, 2023 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S. treasury and agency securities - 472 - 472 Commercial paper - 250 - 250 Total cash equivalents $ 757 $ 722 $ - $ 1,479 Marketable securities U.S. treasury and agency securities $ - $ 60,003 $ - $ 60,003 Commercial paper - 8,508 - 8,508 Corporate debt securities - 23,639 - 23,639 Asset-backed securities - 12,065 - 12,065 Total marketable securities $ - $ 104,215 $ - $ 104,215 The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheet Components	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheet Components	Condensed Consolidated Balance Sheet Components Inventory Inventory consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Raw materials $ 1,664 $ 2,247 Work-in-progress 10,915 11,780 Finished goods 15,993 10,068 Total inventory $ 28,572 $ 24,095 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Construction in progress $ 16,013 $ — Laboratory equipment 8,367 6,470 Office furniture 307 242 Leasehold improvements 843 437 Servers and workstations 301 242 Property and equipment, gross 25,831 7,391 Less: accumulated depreciation (4,010) (2,679) Total property and equipment, net $ 21,821 $ 4,712 Depreciation expense for the three months ended June 30, 2024 and 2023 was $0.7 million and $0.4 million, respectively, and $1.3 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively. Construction in progress primarily includes production mask costs capitalized relating to the Company’s products and will be placed in service and begin to depreciate when related manufacturing commences. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Accrued compensation and benefits $ 16,325 $ 14,923 Production mask costs 13,509 — Accrued expenses 8,650 8,439 Customer deposits 5,000 — Accrued software license costs 3,861 3,224 Operating lease liabilities, current 2,133 2,156 Total accrued expenses and other current liabilities $ 49,478 $ 28,742 Other Liabilities Other liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Income taxes $ 4,890 $ 1,394 Other 1,300 2,393 Total other liabilities $ 6,190 $ 3,787

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company depends upon third-party subcontractors to manufacture wafers and other inventory parts. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders but require payment of all expenses incurred through the date of cancellation. The Company had no material firm purchase commitments as of June 30, 2024. The Company’s purchase commitments include payments for software licenses when there is a fixed, non-cancellable payment schedule or when minimum payments are due according to a delivery schedule. The Company is committed to make the following minimum payments under its purchase commitments for software licenses as of June 30, 2024 (in thousands): Purchase Commitments Remainder of 2024 $ 600 2025 4,341 Total purchase commitments $ 4,941 In December 2022, the Company entered into a cloud service agreement with a vendor for three years. The arrangement provides cloud hosting services for the Company’s research and development. The minimum purchase commitment is $2.0 million annually from 2024 through 2025. Legal Proceedings From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings or claims, nor is the Company aware of any other pending or threatened legal proceedings or claims that could have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such legal proceedings or claims be resolved unfavorably. Indemnification Obligations In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its members, partners, suppliers and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not in the past incurred significant expense defending its licensees against third party claims, nor has it incurred significant expense under its standard service warranties or arrangements with its members, partners, suppliers, and vendors. Accordingly, the Company had no liabilities recorded for these provisions as of June 30, 2024 and December 31, 2023.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock	Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock Redeemable Convertible Preferred Stock The Company has previously issued shares of Preferred Stock. Immediately prior to the consummation of the IPO, all of the then outstanding 90.9 million shares of the Company’s convertible Preferred Stock were automatically converted into an aggregate 90.9 million shares of Common Stock on a one-for-one basis, and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares of stock that the Company is authorized to issue and shall not be reissued by the Company. Undesignated Preferred Stock On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which authorized 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share, with rights and preferences, including voting rights, designated from time to time by the Company’s Board of Directors. As of June 30, 2024, no undesignated preferred stock has been issued. Common Stock On January 22, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware and resulted in an increase to the authorized shares of the Company’s Common Stock from 162,641,331 shares to 163,375,000 shares. On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware that resulted in an increase to the authorized shares of the Company’s Common Stock from 163,375,000 shares to 1,000,000,000 shares. As of June 30, 2024 and December 31, 2023, the Company had authorized 1.0 billion and 162.6 million shares, respectively, of Common Stock with a $0.0001 per share par value. Common stockholders are entitled to one vote for each share held.

Common Stock Warrants

Common Stock Warrants	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Common Stock Warrants	Common Stock Warrants In October 2022, the Company issued a warrant to a customer (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock at an exercise price of $20.34 per share (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seven In October 2023, the Company amended the warrant agreement and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock at an exercise price of $20.34 per share (the “2023 Warrant”, and together with the Customer Warrant, the “Warrants”), with the same exercise period as the Customer Warrant. The 2023 Warrant will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of payments by the Holder and its affiliates to the Company. As of June 30, 2024 and December 31, 2023, an aggregate of 290,355 shares and 198,518 shares, respectively, underlying the Warrants vested and are exercisable. Additionally, an aggregate of 42,693 and 34,090 shares were probable of vesting as of June 30, 2024 and December 31, 2023, respectively. The Company recognized $0.3 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.1 million for the six months ended June 30, 2024 and 2023, as a reduction of revenue in the condensed consolidated statements of opera tions and comprehensive loss related to the Warrants. The remaining grant date fair values of the Warrants that are probable of vesting will be recognized as a reduction of revenue in proportion to the amount of related product sales, which could occur until October 14, 2029.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Amended and Restated 2018 Equity Incentive Plan Prior to the IPO, the Company historically granted stock-based compensation awards under its Amended and Restated 2018 Equity Incentive Plan (as amended, “2018 Plan”). The 2018 Plan provided for the grant of incentive and nonqualified stock options and restricted stock units (“RSU”) to qualified employees, nonemployee directors, and consultants. Options granted under the 2018 Plan generally expire within 10 years from the date of grant, vest over four years and are exercisable for shares of the Company’s Common Stock. The RSUs vest upon the satisfaction of both a service condition and a liquidity event condition. The service condition for the RSUs is generally satisfied over a four-year vesting period. The liquidity event vesting condition for the RSUs was satisfied in connection with the IPO. The 2018 Plan was terminated in March 2024. Any shares of the Company’s Common Stock that would have otherwise returned to the 2018 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder, including, for the avoidance of doubt, any shares of Common Stock withheld by the Company to satisfy any tax withholding obligations that arose upon vesting or settlement of awards in connection with the IPO, will be returned to the share reserve under the 2024 Plan. All future equity grants will be made pursuant to the 2024 Plan. 2024 Stock Option and Incentive Plan In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Stock Option and Incentive Plan (“2024 Plan”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. Under the 2024 Plan, the Company initially reserved 12,362,662 shares of the Common Stock for issuance thereunder. The 2024 Plan provides for annual automatic increases in the number of shares of the Company’s Common Stock reserved thereunder on January 1, 2025 and each January 1 thereafter, by 5% of the issued and outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee of the Company’s board of directors . 2024 Employee Stock Purchase Plan In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Employee Stock Purchase Plan (“ESPP”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. The Company initially reserved 3,090,666 shares of the Common Stock for future issuance. The number of shares of the Common Stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2025 through January 1, 2034, by the lesser of (i) 3,090,666 shares of common stock, (ii) 1% of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such number of shares of Common Stock as determined by the compensation committee of the Company’s board of directors. Under the ESPP, participants can purchase the Company’s Common Stock using payroll deductions, which may not exceed 15% of their salary. Participants will be granted the right to purchase shares of Common Stock at a price per share that is equal to 85% of the lesser of (i) the fair market value of the common stock on the first trading day of the applicable offering period, or the “Price to Public” set forth on the cover page for the Prospectus if the date for which the fair market value of the Common Stock is determined is the first day when trading prices for the Company’s Common Stock are reported on a national securities exchange or (ii) the fair market value of the Common Stock on the last trading day of the end of the six-month offering period. No participant has the right to purchase shares of Common Stock in an amount, when aggregated with purchase rights under all the Company’s employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000, determined as of the first day of the applicable offering period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 3,000 shares during any applicable offering period. As of June 30, 2024, there have been no shares issued under the ESPP. A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenue $ 84 $ 2 $ 612 $ 7 Research and development 12,971 1,672 42,978 3,351 Sales and marketing 15,758 694 65,016 695 General and administrative 14,254 304 32,229 616 Total $ 43,067 $ 2,672 $ 140,835 $ 4,669 Stock-based compensation expense recognized during the six months ended June 30, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with the Company’s IPO. Stock Option A summary of stock option activity under the 2018 Plan is as f ollows (in thousands, except years and per share data): Number of Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Outstanding at December 31, 2023 10,059 $ 0.84 7.5 $ 175,790 Granted - - Exercised (835) 0.63 Cancelled and forfeited (42) 0.69 Outstanding at June 30, 2024 9,182 $ 0.86 6.9 $ 547,676 Vested and Exercisable at June 30, 2024 6,583 $ 0.74 6.8 $ 393,469 As of June 30, 2024, there was approximately $14.1 million of total unrecognized compensation cost, related to unvested options, which is expected to be recognized over a weighted-average remaining requisite service period of 1.2 years, using the straight-line method. Restricted Stock Units A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data): Number of Weighted Outstanding at December 31, 2023 8,583 $ 13.34 Granted 8,142 30.51 Vested (3,700) 11.87 Cancelled and forfeited (243) 18.33 Outstanding at June 30, 2024 12,782 $ 24.30 The aggregate fair value of RSUs that vested and settled during the six months ended June 30, 2024 was $128.1 million. As of June 30, 2024, there was $222.1 million of unrecognized stock-based compensation expense related to all unvested awards, which is expected to be recognized over a weighted-average period of 1.7 years.

Net Loss per Common Share

Net Loss per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Common Share	Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (7,546) $ (20,004) $ (100,541) $ (37,458) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 155,199 36,567 103,865 36,199 Net loss per share attributable to common stockholders, basic and diluted $ (0.05) $ (0.55) $ (0.97) $ (1.03) As the Company was in a loss position for the three and six months ended June 30, 2024 and 2023, basic and diluted net loss per share are the same as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands): As of June 30, 2024 June 30, 2023 Options to purchase Common Stock 9,155 11,712 Redeemable convertible Preferred Stock — 90,891 Unvested RSUs 12,782 6,354 Warrants for Common Stock 2,442 1,610 ESPP 149 — Total 24,528 110,567

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's income tax expense recognized for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands, except percentages): Three Months Ended Six Months Ended 2024 2023 2024 2023 Income tax (benefit) provision $ (6,537) $ 3,946 $ 6,045 $ 4,069 Effective tax rate 46.4 % (24.6) % (6.4) % (12.19) % The Company accrues for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate for the three and six months ended June 30, 2024 and 2023 is different than the statutory federal tax rate primarily due to the valuation allowance in the United States and the capitalization of research and development expenditures under Section 174 of the Internal Revenue Code, which results in current tax expense. This is offset by benefits from the foreign derived intangible income deduction, significant increase in stock-based compensation tax deduction from option exercises, and U.S. research and development credits. I ncome tax (benefit) provision consists primarily of U.S. federal, state, and foreign income taxes. The Company maintains a full valuation allowance on its federal and state deferred tax assets as it has concluded that it is more likely than not that the deferred tax assets will not be realized as of June 30, 2024 and December 31, 2023. The Tax Cuts and Jobs Act (“TCJA”) requires taxpayers to capitalize and amortize research and development expenditures under Internal Revenue Code Section 174 for tax years beginning after December 31, 2021. The rule became effective for the Company in 2022 and resulted in the capitalization of research and development costs which was offset by a valuation allowance. The Company will amortize these costs for tax purposes over 5 years for research and development performed in the U.S., and over 15 years for research and development performed outside of the United States. The effect of the TCJA has resulted in reporting taxable income in 2023 and 2024, despite incurring a pre-tax loss. The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. Interest and penalties related to uncertain tax positions are classified in the condensed consolidated financial statements as income tax expense.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss attributable to common stockholders	$ (7,546)	$ (20,004)	$ (100,541)	$ (37,458)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading agreement” (each as defined in Item 408 of Regulation S-K) during the quarterly period covered by this report as described in the table below: Name Title Action Date Adopted Character of Trading Arrangement (1) Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to a Trading Arrangement Expiration Date (2) Jitendra Mohan (3) CEO, Director Adoption 5/31/2024 Rule 10b5-1 Trading Arrangement 900,000 (4) 8/29/2025 Sanjay Gajendra (5) President, COO, Director Adoption 5/31/2024 Rule 10b5-1 Trading Arrangement 1,000,000 (4) 7/31/2025 Manuel Alba (6) Director Adoption 5/31/2024 Rule 10b5-1 Trading Arrangement 1,040,000 8/30/2025 Jack Lazar Director Adoption 5/22/2024 Rule 10b5-1 Trading Arrangement 52,500 5/22/2025 Michael Tate (7) CFO Adoption 5/30/2024 Rule 10b5-1 Trading Arrangement 500,000 (4) 7/31/2025 Philip Mazzara General Counsel Adoption 5/24/2024 Rule 10b5-1 Trading Arrangement 125,000 (4) 5/24/2025 (1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended (the Rule). (2) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule and is scheduled to terminate on the earlier of the expiration date or when all shares are sold under such plan, subject to early termination for certain specified events set forth therein. (3) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Jitendra Mohan. (4) The shares subject to this trading arrangement also include certain shares subject to time-based RSUs that will be sold to satisfy applicable tax withholding and remittance obligations upon vesting of the RSUs during the applicable period. The total number of such shares that may be sold pursuant to such arrangement is not currently determinable, as the number of shares required to be sold will vary based on, among other things, the market price of our common stock at the time of settlement, the applicable withholding taxes at the time of settlement, and the potential future grant of additional equity awards subject to this arrangement. This trading arrangement, which also applies to RSUs held by the individual, provides for the automatic sale of shares that would otherwise be issuable on each settlement date of a covered RSU in an amount sufficient to satisfy the applicable withholding obligation with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation, in accordance with the Company’s mandatory sell to cover policy. (5) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Sanjay Gajendra. (6) The shares covered by this trading arrangement include certain shares held by (a) Alba 2003 Living Trust; (b) Mar 2011 Children’s Trust; and (c) Casa Alameda 2007, LLC, which shares may be deemed to be beneficially owned by Manuel Alba.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jitendra Mohan [Member]
Trading Arrangements, by Individual
Name	Jitendra Mohan(3)
Title	CEO, Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/31/2024
Expiration Date	8/29/2025
Arrangement Duration	455 days
Aggregate Available	900,000	900,000
Sanjay Gajendra [Member]
Trading Arrangements, by Individual
Name	Sanjay Gajendra(5)
Title	President, COO, Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/31/2024
Expiration Date	7/31/2025
Arrangement Duration	426 days
Aggregate Available	1,000,000	1,000,000
Manuel Alba [Member]
Trading Arrangements, by Individual
Name	Manuel Alba(6)
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/31/2024
Expiration Date	8/30/2025
Arrangement Duration	91 days
Aggregate Available	1,040,000	1,040,000
Jack Lazar [Member]
Trading Arrangements, by Individual
Name	Jack Lazar
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/22/2024
Expiration Date	5/22/2025
Arrangement Duration	365 days
Aggregate Available	52,500	52,500
Mike Tate [Member]
Trading Arrangements, by Individual
Name	Michael Tate(7)
Title	CFO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/30/2024
Expiration Date	7/31/2025
Arrangement Duration	427 days
Aggregate Available	500,000	500,000
Philip Mazzara [Member]
Trading Arrangements, by Individual
Name	Philip Mazzara
Title	General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/24/2024
Expiration Date	5/24/2025
Arrangement Duration	365 days
Aggregate Available	125,000	125,000

Nature of Business and Summar_2

Nature of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s final prospectus dated March 19, 2024 (the “Prospectus”), as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”) on March 21, 2024. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive loss, of redeemable convertible preferred stock and stockholders’ equity (deficit), and of cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company’s significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, the valuation of deferred tax assets, reserves for uncertain tax positions, the valuation of inventory, warranty reserve, the fair value of marketable securities, the grant date fair value of common stock warrants, the valuation and assumptions underlying stock-based compensation including the per share fair value of the Company’s common stock, and the incremental borrowing rate used in the Company’s operating lease calculations. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates.
Deferred Offering Costs	Deferred Offering Costs
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures.

Segment and Geographical Info_2

Segment and Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	The following table sets forth revenue by geographic area (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Taiwan $ 63,955 $ 569 $ 123,528 $ 10,303 United States 4,499 6,222 5,356 11,592 Netherlands - 2,412 - 4,919 Other 8,396 1,485 13,224 1,538 Total $ 76,850 $ 10,688 $ 142,108 $ 28,352
Schedules of Concentration of Risk, by Risk Factor	The Company had the following customers that individually comprised 10% or more of its revenue: Three Months Ended Six Months Ended 2024 2023 2024 2023 Customer A 41 % * 44 % * Customer B 24 % * 30 % 36 % Customer C 18 % * 13 % * Customer D * 49 % * 20 % Customer E * 23 % * 18 % Customer F * * * 16 % *Less than 10% of total revenue The Company had the following customers that individually comprised 10% or more of its accounts receivable, net: As of June 30, 2024 December 31, 2023 Customer A 27 % 39 % Customer B 24 % 27 % Customer C 33 % * Customer F 10 % *

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Available-for-Sale	The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands): As of June 30, 2024 Amortized Gross Gross Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S treasury and agency securities 147,641 - (14) 147,627 Corporate debt securities 13,053 - (4) 13,049 Commercial paper 104,499 - (58) 104,441 Total cash equivalents $ 406,542 $ - $ (76) $ 406,466 Marketable securities U.S treasury and agency securities $ 120,473 $ 54 $ (166) $ 120,361 Commercial paper 40,662 - (34) 40,628 Corporate debt securities 226,740 95 (206) 226,629 Foreign government bonds 498 - - 498 Asset-backed securities 21,822 6 (25) 21,803 Total marketable securities $ 410,195 $ 155 $ (431) $ 409,919 As of December 31, 2023 Amortized Gross Gross Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S treasury and agency securities 472 - - 472 Commercial paper 250 - - 250 Total cash equivalents $ 1,479 $ - $ - $ 1,479 Marketable securities U.S treasury and agency securities $ 59,856 $ 211 $ (64) $ 60,003 Commercial paper 8,513 - (5) 8,508 Corporate debt securities 23,552 96 (9) 23,639 Asset-backed securities 12,059 14 (8) 12,065 Total marketable securities $ 103,980 $ 321 $ (86) $ 104,215
Schedule of Investments Classified by Contractual Maturity Date	The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands): As of June 30, 2024 As of December 31, 2023 Amortized Estimated Amortized Estimated Due within one year $ 554,614 $ 554,454 $ 65,816 $ 65,757 Due after one year through five years 262,123 261,931 39,643 39,937 Total available-for-sale securities $ 816,737 $ 816,385 $ 105,459 $ 105,694
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S. treasury and agency securities - 147,627 - 147,627 Corporate debt securities - 13,049 - 13,049 Commercial paper - 104,441 - 104,441 Total cash equivalents $ 141,349 $ 265,117 $ - $ 406,466 Marketable securities U.S. treasury and agency securities $ - $ 120,361 $ - $ 120,361 Commercial paper - 40,628 - 40,628 Corporate debt securities - 226,629 - 226,629 Foreign government bonds - 498 - 498 Asset-backed securities - 21,803 - 21,803 Total marketable securities $ - $ 409,919 $ - $ 409,919 As of December 31, 2023 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S. treasury and agency securities - 472 - 472 Commercial paper - 250 - 250 Total cash equivalents $ 757 $ 722 $ - $ 1,479 Marketable securities U.S. treasury and agency securities $ - $ 60,003 $ - $ 60,003 Commercial paper - 8,508 - 8,508 Corporate debt securities - 23,639 - 23,639 Asset-backed securities - 12,065 - 12,065 Total marketable securities $ - $ 104,215 $ - $ 104,215

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Raw materials $ 1,664 $ 2,247 Work-in-progress 10,915 11,780 Finished goods 15,993 10,068 Total inventory $ 28,572 $ 24,095
Schedule of Property, Plant and Equipment	Property and equipment, net consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Construction in progress $ 16,013 $ — Laboratory equipment 8,367 6,470 Office furniture 307 242 Leasehold improvements 843 437 Servers and workstations 301 242 Property and equipment, gross 25,831 7,391 Less: accumulated depreciation (4,010) (2,679) Total property and equipment, net $ 21,821 $ 4,712
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Accrued compensation and benefits $ 16,325 $ 14,923 Production mask costs 13,509 — Accrued expenses 8,650 8,439 Customer deposits 5,000 — Accrued software license costs 3,861 3,224 Operating lease liabilities, current 2,133 2,156 Total accrued expenses and other current liabilities $ 49,478 $ 28,742
Schedule of Other Liabilities	Other liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Income taxes $ 4,890 $ 1,394 Other 1,300 2,393 Total other liabilities $ 6,190 $ 3,787

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligation, Fiscal Year Maturity	The Company is committed to make the following minimum payments under its purchase commitments for software licenses as of June 30, 2024 (in thousands): Purchase Commitments Remainder of 2024 $ 600 2025 4,341 Total purchase commitments $ 4,941

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenue $ 84 $ 2 $ 612 $ 7 Research and development 12,971 1,672 42,978 3,351 Sales and marketing 15,758 694 65,016 695 General and administrative 14,254 304 32,229 616 Total $ 43,067 $ 2,672 $ 140,835 $ 4,669
Schedule of Stock Option Activity	A summary of stock option activity under the 2018 Plan is as f ollows (in thousands, except years and per share data): Number of Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Outstanding at December 31, 2023 10,059 $ 0.84 7.5 $ 175,790 Granted - - Exercised (835) 0.63 Cancelled and forfeited (42) 0.69 Outstanding at June 30, 2024 9,182 $ 0.86 6.9 $ 547,676 Vested and Exercisable at June 30, 2024 6,583 $ 0.74 6.8 $ 393,469
Schedule of Restricted Stock Unit Activity	A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data): Number of Weighted Outstanding at December 31, 2023 8,583 $ 13.34 Granted 8,142 30.51 Vested (3,700) 11.87 Cancelled and forfeited (243) 18.33 Outstanding at June 30, 2024 12,782 $ 24.30

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (7,546) $ (20,004) $ (100,541) $ (37,458) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 155,199 36,567 103,865 36,199 Net loss per share attributable to common stockholders, basic and diluted $ (0.05) $ (0.55) $ (0.97) $ (1.03)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands): As of June 30, 2024 June 30, 2023 Options to purchase Common Stock 9,155 11,712 Redeemable convertible Preferred Stock — 90,891 Unvested RSUs 12,782 6,354 Warrants for Common Stock 2,442 1,610 ESPP 149 — Total 24,528 110,567

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The Company's income tax expense recognized for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands, except percentages): Three Months Ended Six Months Ended 2024 2023 2024 2023 Income tax (benefit) provision $ (6,537) $ 3,946 $ 6,045 $ 4,069 Effective tax rate 46.4 % (24.6) % (6.4) % (12.19) %

Nature of Business and Summar_3

Nature of Business and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions			6 Months Ended
	Mar. 22, 2024 USD ($) $ / shares shares	Mar. 21, 2024 $ / shares shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Underwriting discounts and commissions | $	$ 39.1
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) | shares		90,900,000
Preferred stock, convertible, conversion ratio		1
Undesignated preferred stock, par value (in dollars per share)	$ 0.0001
Issuance costs recognized in additional paid in capital | $	$ 6.2
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		$ 0.0001
Series A-1 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series B-1 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		$ 0.0001
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) | shares		90,890,650	90,891,000
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) | shares	22,770,000
Common stock, par value (in dollars per share)	$ 0.0001
Sale of stock, price (in dollars per share)	$ 36
Consideration received on transaction | $	$ 672.2
IPO, Including Over-Allotment
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) | shares	19,758,903
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) | shares	2,970,000
Public Stock Offering - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) | shares	3,011,097

Segment and Geographical Info_3

Segment and Geographical Information - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 76,850	$ 10,688	$ 142,108	$ 28,352
Taiwan
Segment Reporting Information [Line Items]
Revenue	63,955	569	123,528	10,303
United States
Segment Reporting Information [Line Items]
Revenue	4,499	6,222	5,356	11,592
Netherlands
Segment Reporting Information [Line Items]
Revenue	0	2,412	0	4,919
Other
Segment Reporting Information [Line Items]
Revenue	$ 8,396	$ 1,485	$ 13,224	$ 1,538

Segment and Geographical Info_4

Segment and Geographical Information - Schedule of Revenue Concentration Risk (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Customer A
Segment Reporting Information [Line Items]
Concentration risk	41%		44%
Customer B
Segment Reporting Information [Line Items]
Concentration risk	24%		30%	36%
Customer C
Segment Reporting Information [Line Items]
Concentration risk	18%		13%
Customer D
Segment Reporting Information [Line Items]
Concentration risk		49%		20%
Customer E
Segment Reporting Information [Line Items]
Concentration risk		23%		18%
Customer F
Segment Reporting Information [Line Items]
Concentration risk				16%

Segment and Geographical Info_5

Segment and Geographical Information - Schedule of Revenue Accounts Receivables Concentration Risk (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Customer A
Segment Reporting Information [Line Items]
Concentration risk	27%	39%
Customer B
Segment Reporting Information [Line Items]
Concentration risk	24%	27%
Customer C
Segment Reporting Information [Line Items]
Concentration risk	33%
Customer F
Segment Reporting Information [Line Items]
Concentration risk	10%

Segment and Geographical Info_6

Segment and Geographical Information - Narrative (Details) - Property, Plant and Equipment - Geographic Concentration Risk	6 Months Ended
	Jun. 30, 2024
United States
Segment Reporting Information [Line Items]
Concentration risk	25%
Taiwan
Segment Reporting Information [Line Items]
Concentration risk	73%

Marketable Securities - Amortiz

Marketable Securities - Amortized Cost vs. Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 816,737	$ 105,459
Fair Value	816,385	105,694
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	406,542	1,479
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(76)	0
Fair Value	406,466	1,479
Cash equivalents | Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	141,349	757
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	141,349	757
Cash equivalents | U.S treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147,641	472
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(14)	0
Fair Value	147,627	472
Cash equivalents | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,053
Gross Unrealized Gains	0
Gross Unrealized Losses	(4)
Fair Value	13,049
Cash equivalents | Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	104,499	250
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(58)	0
Fair Value	104,441	250
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	410,195	103,980
Gross Unrealized Gains	155	321
Gross Unrealized Losses	(431)	(86)
Fair Value	409,919	104,215
Marketable securities | U.S treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,473	59,856
Gross Unrealized Gains	54	211
Gross Unrealized Losses	(166)	(64)
Fair Value	120,361	60,003
Marketable securities | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	226,740	23,552
Gross Unrealized Gains	95	96
Gross Unrealized Losses	(206)	(9)
Fair Value	226,629	23,639
Marketable securities | Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,662	8,513
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(34)	(5)
Fair Value	40,628	8,508
Marketable securities | Foreign government bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	498
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	498
Marketable securities | Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,822	12,059
Gross Unrealized Gains	6	14
Gross Unrealized Losses	(25)	(8)
Fair Value	$ 21,803	$ 12,065

Marketable Securities - Investm

Marketable Securities - Investment by Maturity Dates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 554,614	$ 65,816
Due after one year through five years	262,123	39,643
Amortized Cost	816,737	105,459
Estimated Fair Value
Due within one year	554,454	65,757
Due after one year through five years	261,931	39,937
Total available-for-sale securities	$ 816,385	$ 105,694

Marketable Securities - Fair Va

Marketable Securities - Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 816,385	$ 105,694
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	406,466	1,479
Cash equivalents | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	141,349	757
Cash equivalents | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	147,627	472
Cash equivalents | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	104,441	250
Cash equivalents | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	13,049
Cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	141,349	757
Cash equivalents | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	141,349	757
Cash equivalents | Level 1 | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	265,117	722
Cash equivalents | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 2 | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	147,627	472
Cash equivalents | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	104,441	250
Cash equivalents | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	13,049
Cash equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 3 | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	409,919	104,215
Marketable securities | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	120,361	60,003
Marketable securities | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	40,628	8,508
Marketable securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	226,629	23,639
Marketable securities | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	498
Marketable securities | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	21,803	12,065
Marketable securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 1 | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 1 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Marketable securities | Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	409,919	104,215
Marketable securities | Level 2 | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	120,361	60,003
Marketable securities | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	40,628	8,508
Marketable securities | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	226,629	23,639
Marketable securities | Level 2 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	498
Marketable securities | Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	21,803	12,065
Marketable securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 3 | U.S treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities | Level 3 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Marketable securities | Level 3 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

Condensed Consolidated Balanc_5

Condensed Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 1,664	$ 2,247
Work-in-progress	10,915	11,780
Finished goods	15,993	10,068
Total inventory	$ 28,572	$ 24,095

Condensed Consolidated Balanc_6

Condensed Consolidated Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25,831	$ 7,391
Less: accumulated depreciation	(4,010)	(2,679)
Total property and equipment, net	21,821	4,712
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,013	0
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,367	6,470
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307	242
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	843	437
Servers and workstations
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 301	$ 242

Condensed Consolidated Balanc_7

Condensed Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 700	$ 400	$ 1,331	$ 763

Condensed Consolidated Balanc_8

Condensed Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 16,325	$ 14,923
Production mask costs	13,509	0
Accrued expenses	8,650	8,439
Customer deposits	5,000	0
Accrued software license costs	3,861	3,224
Operating lease liabilities, current	2,133	2,156
Accrued expenses and other current liabilities	$ 49,478	$ 28,742

Condensed Consolidated Balanc_9

Condensed Consolidated Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income taxes	$ 4,890	$ 1,394
Other	1,300	2,393
Total other liabilities	$ 6,190	$ 3,787

Commitment and Contingencies -

Commitment and Contingencies - Purchase Obligation (Details) - License $ in Thousands	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
Remainder of 2024	$ 600
2025	4,341
Total purchase commitments	$ 4,941

Commitment and Contingencies _2

Commitment and Contingencies - Narrative (Details) - USD ($)	1 Months Ended
	Dec. 31, 2022	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Service agreement term	3 years
Contractual obligation, year one		$ 2,000,000
Contractual obligation, year two		2,000,000
Estimate of possible loss		$ 0	$ 0

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock (Details)	Mar. 21, 2024 shares	Jun. 30, 2024 vote $ / shares shares	Mar. 22, 2024 $ / shares shares	Jan. 22, 2024 shares	Dec. 31, 2023 $ / shares shares
Equity [Abstract]
Conversion of preferred stock into common stock (in shares)	90,900,000
Conversion of redeemable convertible preferred stock into common stock (in shares)	90,900,000
Preferred stock, convertible, conversion ratio	1
Undesignated preferred stock, authorized (in shares)			100,000,000
Undesignated preferred stock, par value (in dollars per share) | $ / shares			$ 0.0001
Undesignated preferred stock, issued (in shares)		0
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000	163,375,000	162,641,331
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001			$ 0.0001
Voting right | vote		1

Common Stock Warrants (Details)

Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Oct. 31, 2023
Class of Warrant or Right [Line Items]
Warrants contra revenue				$ 443	$ 127
Customer Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)	1,484,230
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 20.34
Warrant exercisable term	7 years
Warrant shares issuable vested (in shares)	14,844
2023 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)							831,945
Class of warrant or right, exercise price of warrants or rights (in dollars per share)							$ 20.34
Warrants
Class of Warrant or Right [Line Items]
Warrants issuable (in shares)		290,355		290,355		198,518
Warrant eligible for vesting (in shares)		42,693		42,693		34,090
Warrants contra revenue		$ 300	$ 100	$ 400	$ 100

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 43,067,000	$ 2,672,000	$ 140,835,000	$ 4,669,000
Unrecognized stock based compensation		14,100,000		$ 14,100,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period				1 year 2 months 12 days
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period				1 year 8 months 12 days
Fair value of RSUs vested				$ 128,100,000
Unrecognized share-based compensation cost related to unvested restricted stock units		$ 222,100,000		222,100,000
Restricted Stock Units In Connection With IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense				$ 88,900,000
2018 Equity Incentive Plan | Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				10 years
Vesting period				4 years
2018 Equity Incentive Plan | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				4 years
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	12,362,662
Annual automatic increases in the number of shares	5%
2024 Employee Stock Purchase Plan | ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	3,090,666
Number of additional shares allowable under the plan (in shares)	3,090,666
Percent of outstanding shares	1%
Maximum employee subscription amount, percent of salary	15%
ESPP purchase price of common stock, percent of market price	85%
Purchase period	6 months
Maximum contribution amount	$ 25,000
Maximum number of shares per employee (in shares)	3,000
ESPP shares purchased during the period (in shares)				0

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 43,067	$ 2,672	$ 140,835	$ 4,669
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	84	2	612	7
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12,971	1,672	42,978	3,351
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	15,758	694	65,016	695
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 14,254	$ 304	$ 32,229	$ 616

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	10,059
Granted (in shares) | shares	0
Exercised (in shares) | shares	(835)
Cancelled and forfeited (in shares) | shares	(42)
Outstanding ending balance (in shares) | shares	9,182	10,059
Vested and exercisable (in shares) | shares	6,583
Weighted Average Exercise Price
Outstanding beginning balance, Weighted average exercise price (in dollars per share) | $ / shares	$ 0.86	$ 0.84
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0.63
Cancelled and forfeited (in dollars per share) | $ / shares	0.69
Outstanding ending balance, Weighted average exercise price (in dollars per share) | $ / shares	0.84
Vested an exercisable (in dollars per share) | $ / shares	$ 0.74
Weighted-average remaining contractual term	6 years 10 months 24 days	7 years 6 months
Vested and exercisable, weighted-average remaining contractual term	6 years 9 months 18 days
Aggregate intrinsic value | $	$ 547,676	$ 175,790
Vested and exercisable, aggregate intrinsic value | $	$ 393,469

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding beginning balance (in shares) | shares	8,583
Granted (in shares) | shares	8,142
Vested (in shares) | shares	(3,700)
Cancelled and forfeited (in shares) | shares	(243)
Outstanding ending balance (in shares) | shares	12,782
Weighted Average Grant Date Fair Value
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) | $ / shares	$ 13.34
Granted (in dollars per share) | $ / shares	30.51
Vested (in dollars per share) | $ / shares	11.87
Cancelled and forfeited (in dollars per share) | $ / shares	18.33
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) | $ / shares	$ 24.30

Net Loss per Common Share - Sch

Net Loss per Common Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (7,546)	$ (20,004)	$ (100,541)	$ (37,458)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	155,199	36,567	103,865	36,199
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	155,199	36,567	103,865	36,199
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.05)	$ (0.55)	$ (0.97)	$ (1.03)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.05)	$ (0.55)	$ (0.97)	$ (1.03)

Net Loss per Common Share - Ant

Net Loss per Common Share - Antidilutive Shares (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	24,528	110,567
Options to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	9,155	11,712
Redeemable convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	90,891
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	12,782	6,354
Warrants for Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	2,442	1,610
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	149	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (6,537)	$ 3,946	$ 6,045	$ 4,069
Effective tax rate	46.40%	(24.60%)	(6.40%)	(12.19%)